COEUR D'ALENE, Idaho, Nov. 8, 2010 (GLOBE NEWSWIRE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank ("IIB" or the "Bank") (OTCBB:IIBK), announced IIB's consolidated unaudited financial results for the third quarter and nine months ending September 30, 2010.
Mr. Gustavel reported that IIB's net loss for the quarter ended September 30, 2010, was $1.4 million, or a loss of $0.22 per diluted share, compared to a net loss of $2.2 million, or $0.35 per diluted share, for the same period a year ago. IIB's net loss for the nine months ended September 30, 2010, was $2.8 million, or $0.43 per diluted share, compared to a net loss of $5.4 million, or $0.86 per diluted share, for the same nine-month period a year ago. Prior period results have been restated to reflect earlier revisions to amounts reported for 2009.
Chairman Gustavel stated, "We are continuing to execute on our strategy of reducing land, land development, and lot loans. The strategy is working because of our strong capital and the careful management of our balance sheet. IIB is well above the threshold required to be considered "Well-Capitalized" under regulatory guidelines. Our Total Risk-Based Capital Ratio improved to 16.65% at September 30, 2010, compared to 15.39% at December 31, 2009, and 15.02% at September 30, 2009. Our capital gives IIB the flexibility it needs to systematically work though problem credits and not be forced into ill-conceived, short-term solutions."
"We are also working very hard to be ready to take advantage of the many opportunities that will present themselves when the economy stabilizes and turns the corner. IIB's solid capital, adequate reserves, substantial liquidity, and great people are expected to provide the foundation for capitalizing on improving markets," Chairman Gustavel said.
IIB's total assets as of September 30, 2010, decreased $29.3 million, or 5.8%, to $479.3 million from $508.7 million at September 30, 2009. Total loans, including loans held-for-sale, at September 30, 2010, decreased $99.7 million, or 24.1%, to $313.8 million from $413.5 million at September 30, 2009. Total deposits and customer repurchase agreements decreased $24.7 million, or 5.8%, to $403.7 million at September 30, 2010, compared to $428.4 million at September 30, 2009.
As of September 30, 2010, IIB's allowance for loan losses account totaled $10.3 million, or 3.32% of total loans, excluding loans held-for-sale. Non-performing assets totaled $47.1 million, or 9.83% of total assets at September 30, 2010, compared to $22.8 million, or 4.48% of total assets at September 30, 2009, and $51.5 million, or 10.36% of total assets as of June 30, 2010. Non-performing assets at September 30, 2010, included $42.4 million in non-performing loans and $4.7 million in other real estate owned.
About IIB
IIB was established in 1993 as an Idaho state-chartered, commercial bank and currently operates branches in Boise (3), Meridian, Coeur d'Alene, Nampa, Mountain Home, Hayden, Caldwell, Star, Eagle, and Sun Valley/Ketchum, Idaho. IIB has approximately 200 employees throughout the State of Idaho. To learn more about IIB, visit us online at www.theidahobank.com.
The Idaho Independent Bank company logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1275
Statements contained herein concerning future performance, developments or events, expectations for earnings, growth and market forecasts, and any other statements that are not historical facts are forward-looking statements that are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995, and as such, are subject to a number of risks and uncertainties that might cause actual results to differ materially from expectations or our stated objectives. Factors that could cause actual results to differ materially, include, but are not limited to: continued declines or worsening in regional and general economic conditions; changes in interest rates, deposit flows, demand for loans, real estate values, competition, or loan delinquency rates; changes in accounting principles, practices, policies, or guidelines; changes in legislation or regulations; changes in the regulatory environment; changes in monetary policy of the Federal Reserve Bank; changes in fiscal policy of the Federal government and the State of Idaho; changes in other economic, competitive, governmental, regulatory and technological factors affecting operations, pricing, products, and services; material unforeseen changes in the liquidity, results of operations, or financial condition of the Bank's customers. These risks and other factors are described in greater detail in the Bank's filings with the Federal Deposit Insurance Corporation, including, without limitation, the Item 1A Risk Factors section of the Bank's Annual Report on Form 10-K for the year ended December 31, 2009. Accordingly, these factors should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Bank undertakes no responsibility to update or revise any forward-looking statements.
CONTACT: Idaho Independent Bank Jack W. Gustavel (208) 292-1902 1260 W. Riverstone Drive Coeur d'Alene, Idaho 83814